Can spending smartly save you one million pounds? - Martyn James

According to in-depth research by HyperJar, the free app for spending smart and saving, the average person spends £1.2 million over their lifetime. Yet using a few techniques to cut costs and take advantage of offers could save you on average £2,646 a year.

What I like about this research is the fact that the savings (which do add up) come from making the most of the money we have to spend in our daily lives, not by going without or scrimping and saving. In fact, an 18-year-old could save over £1m by making the most of smart spending if they popped their returns in standard savings accounts like ISAs.

It's never too late to start smart spending too. If you are – ahem – a little older like me, you could still save over £125,000 by following a few simple steps once you hit 55.

Smart spending is the art of using discounts, offers and cashback incentives to make the most of your day-to-day spending. Here are six simple ways you can harness the power of your regular spending to save a fortune.

Discounts, vouchers and cashback

There are loads of offers and loyalty schemes out there that can actually help you save cash. For example, some apps allow you to get cashback on everything you spend money on. The numbers might look small at first, but they really do add up. Look for loyalty points schemes, too, and voucher deals. These aren’t as generous as they used to be, but you could still gain loads. Savings each year: £200+

Ditch the brands

The cost-of-living crisis has reminded us that many of the brands we regularly buy simply aren’t worth the money. Just by switching to own-brand or economy options you can save a fortune. Switching to a supermarket brand nine-pack of toilet roll can save you £2.50 each time alone. Savings: £500

Bulk buying

You don’t have to join one of the UK’s bulk buying supermarkets (though it’s not that expensive to do so), but by purchasing items in bulk you can save huge amounts each year. All you need to do is find somewhere to put your shopping! Oh and defrost that freezer, too, to make some space – it’ll save you £100 to £200 in energy bills. Savings: On just ten common items, HyperJar found you could save £1,150 a year

Martyn James is a leading consumer rights campaigner, TV and radio broadcaster and columnist

Haggle over your bills

I often mention it in this column, but by threatening to walk when your contracts end you can get a much better deal. I saved £600 a year by renegotiating my broadband package alone last year. If you contact your insurance company 3 to 4 weeks before your renewal, you can avoid some of those shocking 50 per cent premium rises, too, if you make it clear you’re willing to walk: Savings: £350 minimum

Cut the food waste

It’s estimated that one third of the world’s food is thrown away, while the UK chucks around 8.5 million tonnes of food out each year. If you aim to consume everything you purchase, you’ll cut your bills significantly. I use one of those small recycling bins for composting so I can shame myself into eating all the fresh food in the fridge. Savings: £340

Budget and regret spending

Finally, make yourself a budget for your weekly spend, including the fun stuff. You’ll see the money you save in your account so why not save it or just treat yourself. If you have a shopping binge online that you regret, remember that you can cancel most online orders within 14 days for free too! Savings: £250